MidFirst Business Credit provided $12.2 million in working capital and term loan facilities to Ullman Oil Company.
Ullman, located in Chagrin Falls, OH, is a supplier and distributor of gasoline, diesel fuel, biodiesel, home heating oil and lubricants. Ullman used the funds from MidFirst Business Credit to refinance the payoff to an existing lender, to provide working capital and to help facilitate further business expansion. The transaction was completed on Aug. 5.
“We are very excited to lead our company forward with the support of our new banking relationship partner,” Jennifer Berlin, CEO of Ullman Oil Company, said. “With MidFirst as a partner, our team can focus on business growth and our unwavering commitment to our valuable customers. During the refinancing process, MidFirst Bank succeeded at understanding our business and its unique needs and went outside of the box in order to meet those needs. Their professionalism, speed from term sheet to closing and support during the transaction was impressive, and they made the process very easy for our team at Ullman Oil.”
“We are very pleased to begin a long-term relationship with Ullman Oil, and look forward to being their bank for years to come,” Dennis Schlesner, president of MidFirst Business Credit, said.
